https://sputnikglobe.com/20230523/us-debt-ceiling-crisis-will-end-in-last-minute-deal-1110537829.html
US Debt Ceiling Crisis Will End in Last-Minute Deal
US Debt Ceiling Crisis Will End in Last-Minute Deal
Sputnik International
The Democrat White House and Republican Congress have inched closer to a deal on the debt limit. Todd “Bubba” Horwitz, Steve Gill and Jim Kavanagh pondered which party would blink first — and whether the stand-off has any meaning.
2023-05-23T16:18+0000
2023-05-23T16:18+0000
2023-05-23T16:18+0000
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The US debt ceiling crisis will inevitably end in a deal between Democrats and Republicans, but pundits ask if it really matters.Republican House of Representatives Speaker Kevin McCarthy met Democrat President Joe Biden on Monday for a third round of talks towards a compromise on reducing public spending in return for an increase in the government borrowing limit from $1.1 trillion to $1.5 trillion.Biden later told reporters that he had offered $1 trillion in government spending cuts, but had also rejected Republican demands for a "$30 billion tax break for the oil industry" and making more than 100,000 federal employees redundant.Treasury Secretary Janet Yellen has warned that the government will be unable to pay its bills — possibly including welfare payments to the unemployed.Todd "Bubba" Horwitz told Sputnik he had lost patience with the whole saga."This whole debt ceiling is crap, it's garbage, and they'll probably solve it, as they always do, at the last minute," he said.The stock market strategist sided with the Republicans in demanding more spending cuts to bring down the government deficit.The financial expert said the Biden administration had "destroyed" small businesses across the US, thus shrinking the federal tax base at the same time as raising spending on welfare, including for millions of illegal immigrants."The Biden administration has done zero, but it cost a lot of money for nothing," he added. "Look at how much money we've given to Ukraine. Does that not count? Should we be funding Ukraine in the war against Russia?"By contrast, Steve Gill told Sputnik he was "pretty chill" about the prospect for a deal."I think it'll involve some cuts, and I think that Joe Biden coming back, in part, is because he was embarrassing himself on the world stage as world leaders were seeing how incapable he is of basic communications in figuring out whether to edit stage left or stage right," he said.In contrast to previous funding stand-offs between the White House and Congress, the attorney argued that this time the Democrats will end up taking the blame.Jim Kavanagh told Sputnik that while the Republicans were "holding out for serious spending cuts" the Democrats were "digging in for nothing" and would eventually "fold on this."But he called the debt ceiling process, based on legislation from 1917 when the US was still on the 'Gold Standard' and the dollar represented gold deposits in the federal reserve, "ridiculous.""And that is how dollars are created," he added. "There's no such thing as taxpayer money. The government, the federal government does not spend the taxes it collects."For more scintillating commentary on current affairs, check out our Sputnik Radio shows.
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US Debt Ceiling Crisis Will End in Last-Minute Deal
The Democrat White House and Republican Congress have inched closer to a deal on the federal borrowing limit. Todd "Bubba" Horwitz, chief market strategist of BubbaTrading, attorney Steve Gill, CEO of Gill Media, and writer Jim Kavanagh, editor of The Polemicist pondered which party would blink first — and whether the stand-off has any meaning.
The US debt ceiling crisis will inevitably end in a deal between Democrats and Republicans, but pundits ask if it really matters.
Republican House of Representatives Speaker Kevin McCarthy met Democrat President Joe Biden on Monday for a third round of talks towards a compromise on reducing public spending in return for an increase in the government borrowing limit from $1.1 trillion to $1.5 trillion.
Biden later told reporters that he had offered $1 trillion in government spending cuts, but had also rejected Republican demands for a "$30 billion tax break for the oil industry" and making more than 100,000 federal employees redundant.
Treasury Secretary Janet Yellen has warned that the government will be unable to pay its bills — possibly including welfare payments to the unemployed.
Todd "Bubba" Horwitz told
Sputnik he had lost patience with the whole saga.
"This whole debt ceiling is crap, it's garbage, and they'll probably solve it, as they always do, at the last minute," he said.
"They're making the American people sweat it out as they go through all this nonsense," Horwitz stressed. "In the meantime, they approved another $375 billion to Ukraine. They have not cut spending. They're overspending."
The stock market strategist sided with the Republicans in demanding more spending cuts to bring down the government deficit.
"You have to bring down the budget, which is what the Republicans want to do," he insisted. "You cannot keep giving away money and benefits because government doesn't create revenue. They create debt. And the only people who pay that debt is right now the American middle class."
The financial expert said the Biden administration had "destroyed" small businesses across the US, thus shrinking the federal tax base at the same time as raising spending on welfare, including for millions of illegal immigrants.
"I hope they shut the government down," Horwitz thundered. "Shut it down and redesign it because we're giving away money."
"The Biden administration has done zero, but it cost a lot of money for nothing," he added. "Look at how much money we've given to Ukraine. Does that not count? Should we be funding Ukraine in the war against Russia?"
By contrast,
Steve Gill told
Sputnik he was "pretty chill" about the prospect for a deal.
"I think it'll involve some cuts, and I think that Joe Biden coming back, in part, is because he was embarrassing himself on the world stage as world leaders were seeing how incapable he is of basic communications in figuring out whether to edit stage left or stage right," he said.
In contrast to previous funding stand-offs between the White House and Congress, the attorney argued that this time the Democrats will end up taking the blame.
"They look at the fact that Republicans have actually passed something to deal with the debt limit and cut spending, while Joe Biden and the Democrats have offered up nothing other than our way or the highway," Gill said. "And I think that they're realizing that poll numbers are shaping up in a way that might make them pay the price."
Jim Kavanagh told
Sputnik that while the Republicans were "holding out for serious spending cuts" the Democrats were "digging in for nothing" and would eventually "fold on this."
But he called the debt ceiling process, based on legislation from 1917 when the US was still on the 'Gold Standard' and the dollar represented gold deposits in the federal reserve, "ridiculous."
Nowadays "every US dollar in the in the economy has been created at will by fiat, by the federal government, through spending," Kavanagh expplained. "Dollars are created when the Congress of the United States passes a law saying: 'We authorize this, we are going to spend this for that, X for that and Y for this'."
"And that is how dollars are created," he added. "There's no such thing as taxpayer money. The government, the federal government does not spend the taxes it collects."
For more scintillating commentary on current affairs, check out our Sputnik Radio shows. 
